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1st Ld Writethru: Singapore stocks end up 0.49 pct

Xinhua, February 6, 2017 Adjust font size:

Singapore shares closed 0.49 percent higher on Monday, buoyed by rise in U.S. stocks after the release of job data and banks' earning on Feb. 3.

U.S. markets ended strongly on strong earnings from banks such as JP Morgan Chase. The payrolls data also showed U.S. jobs jumped more than expected in January as construction firms and retailers ramped up hiring. Adding to the positive sentiment is the latest move by President Donald Trump to roll back banking regulations which were in place to prevent a repeat of the global financial crisis.

Meanwhile, oil prices were steady after the U.S. imposed sanctions on some Iranian individuals and entities, days after the White House rebuked Tehran for a ballistic missile test.

Singapore's benchmark Straits Times Index rose 14.97 points to 3,056.91 points. Trading volume was 2.67 billion shares worth 1.24 billion Singapore dollars. Advancers outnumbered decliners 278 to 147, while 652 stocks did not move.

Global Logistic Properties jumped 4.6 percent to 2.74 Singapore dollars. The warehouse and distribution center operator said it has received various non-binding proposals from a number of parties, which include its Chief Executive Officer Ming Mei and non-executive director Fang Fenglei. Mei and Fang hold interests in one of the parties that had submitted offers for the group.

A special committee consisting of four independent directors and headed by group Chairman, Seek Ngee Huat will be evaluating the proposals with the help of financial adviser JP Morgan, and legal adviser Allen and Gledhill. Mei and Fang had asked to be excused from all board matters related to the evaluation of proposals since it started.

StarHub Limited sank 6.7 percent to 2.80 Singapore dollars. It reported net profit of 54 million Singapore dollars for fourth quarter, down 33.2 percent from 80.8 million Singapore dollars earned a year ago. During the quarter to December, its revenue rose marginally to 634.8 million Singapore dollars on higher service revenue, which offset lower revenue from the sale of equipment.

Among top gainers, Jardine Cycle and Carriage rose 0.4 percent to 42.04 Singapore dollars, while Jardine Matheson became one of the top losers by falling 0.2 percent to 62.55 U.S. dollars. (1 U.S. dollar equals to 1.41 Singapore dollars) Endit